" RBI Fines Yes Bank $1 Million for Tardy Breach Reporting
Suparna Goswami • October 26, 2017
RBI has slapped a $1 million penalty on Yes Bank for failing to promptly notify the central bank of a 2016 data breach of its ATM Network. Many security practitioners are praising RBI for issuing the penalty, saying it calls attention to the importance of timely breach notification.
I came across above news today . A question comes to my mind, if Yes bank got penalized , does it mean other banks in competition should cite this as an example that they are not caught and they are not penalized.And this will give a competitive advantage to others. No a BIG NO according to me , it has to be taken as lesson learnt by others in same sector or other sectors to come forward and take precautionary measures.
Security Breach can happen to anyone any company any sector any time. We have wide open attack surface today because of Digital Proliferation.
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